RPC Q3 revenues $337.7M (-7% seq); net income $18.8M (-42% seq); EPS $0.09

RPC INC

2024-Q3 EPS reported $0.37 revenue$1,079,638,000

Revenue decreased 7% sequentially to $337.7M; pressure pumping down 12% while other service lines down 4%.
Net income of $18.8M ($0.09 diluted EPS) vs $32.4M ($0.15) in Q2; net income margin fell 330 bps to 5.6%.
Adjusted EBITDA of $55.2M, down 19% sequentially; margin 16.4% vs 18.8% in Q2.
Technical Services operating income $16.3M (-46% seq); Support Services operating income $5.3M (+21% seq).
Declared $0.04/share quarterly dividend payable Dec 10, 2024; ended quarter with $276.9M cash and no debt.

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